Trinidad & Tobago Oil Service Sector: CAN IT GO INTERNATIONAL?

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1 ENERGY SERVICES LIMITED Trinidad & Tobago Oil Service Sector: CAN IT GO INTERNATIONAL? The Experience of Tucker Energy Services Limited December 11 th, 2007

2 Agenda Introduction to Tucker Energy Services Our History Our present International Locations What should be the approach before embarking Internationally - Research the Market - Method of Entry into Market - Start-up Cost What are the Challenges that a Local Oil Company will face in the International Market? Advantages / Opportunities of being a Service Company from Trinidad Conclusion

3 Introduction The Tucker Energy Services Group (TES) was formed in 1935 in Trinidad out of a need for Upstream Services in the Oil Sector. The TES Group now employs over 1200 people and operates in North and South America. Tucker Energy Services took a decision in the 1970 s to venture into the international arena. Our first international operation was Venezuela due to the close proximity to our headquarters in Trinidad. We subsequently expanded into Colombia, Brazil, Canada and most recently USA. Today our international operations are considerably larger than our Trinidad operations.

4 Tucker Energy Services - History 1930 s Cementing Job Steam Pumping Unit 1940 s First TCP job done in Trinidad 1940 s Wireline Logging & Perforating Job

5 Productlines and Services PUMPING SERVICES Cementing Stimulation Water Control Service Tools Coiled Tubing Nitrogen Weatherford Industrial Services Water Blasting DRILLING SERVICES Drilling Tools (Motors, Jars, Nu-Tec Tools etc.) Coring Services COMPLETIONS SERVICES Sand Control & Production Tools Sand Control Services Tubing Conveyed Perforating Surge Testing Fluids & Filtration WIRELINE SERVICES Open Hole Logging Cased Hole Logging Production Logging Perforating Pipe Recovery Slickline

6 TES - Locations in the Western Hemisphere CANADA UNITED STATES TRINIDAD SOUTH AMERICA 2

7 TES - Locations in the Western Hemisphere CANADA CANADA Calgary - Head Office Districts Leduc Medicine Hat Grand Prairie Lloydminster

8 TES - Locations in the Western Hemisphere UNITED STATES UNITED STATES Houston, Texas - Head Office Tucker Technical Services Tulsa, Oklahoma - R & D Center - Tucker Technologies Denton, Texas

9 TES - Locations in the Western Hemisphere Equipment used on the Deep Semi-Submersible rigs BRAZIL BRAZIL Mossoro Macae Aracaju

10 TES - Locations in the Western Hemisphere VENEZUELA VENEZUELA Maracaibo - Head Office Districts Ciudad Ojeda Anaco Morichal Maturin

11 TES - Locations in the Western Hemisphere COLOMBIA COLOMBIA Bogota

12 TES - Locations in the Western Hemisphere CANADA UNITED STATES Houston, Texas - Head Office Tucker Technical Services Tulsa, Oklahoma - R & D Center - Tucker Technologies UNITED STATES CANADA Calgary - Head Office Districts Leduc Medicine Hat Grand Prairie Lloydminster TRINIDAD TRINIDAD Port Of Spain - Head Office Districts San Fernando Galeota Chaguaramas Guapo COLOMBIA Bogota VENEZUELA Maracaibo - Head Office Districts Ciudad Ojeda Anaco Morichal Maturin SOUTH AMERICA BRAZIL Mossoro Macae Aracaju 2

13 Can a Trinidad Oil Service Company go International?

14 What should be the approach before embarking Internationally RESEARCH THE MARKET Is there a market for your company s service and products? What are prices like in that market for your products and services? Can you be competitive? What are the import duties on fixed assets and supplies? Is there a double taxation treaty between our two countries? Obtain information on How to do business in that country?. Is there access to foreign exchange? Research and understand the business culture of the country. Research the local market to ensure use of indigenous resources (people & products). Do you require work permits? How easy are they to obtain?

15 What should be the approach before embarking Internationally METHOD OF ENTRY INTO MARKET Register and start up your own company. Form Joint Venture with a reputable local company. Purchase of an existing company in a similar field. Our experience has shown it beneficial to purchase an existing company, which is a going concern.

16 START UP COST What should be the approach before embarking Internationally These costs can be significant especially when starting a business from scratch. Need deep pockets realistic Working Capital must be catered for with an expectancy that you will lose money for the first 2-32 years. Will take a significant time to achieve customer acceptance. Use local personnel and expertise where ever possible. Limit international staff to Management and Chief Financial Officer. Do you have the technological resources and spare capacity to go international? Do you have the requisite experience? Do you have the people skills and competencies?

17 What are the Challenges that a Local Oil Company will face in the International Market? Getting to know the environment in the foreign country. Perception that technology in the energy sector can only be obtained from North America and Europe. Ability to communicate effectively in a foreign language. Understanding of true cost involved in operating in that country. Access to foreign exchange for imports and dividend payments. Need to access financing at international (Libor) rates. Absence of support from the Ministry of Energy and/or Ministry of Trade, Industry and Commerce. Must have guaranteed access to technology before entering foreign market. Would we have international acceptance?

18 Advantages / Opportunities of being a Service Company from Trinidad Personnel from Trinidad have an excellent reputation anywhere in the world they work. Trinidadians easily adapt to any culture and climate no matter how harsh the foreign conditions may appear. Trinidad is perceived as a politically neutral country and therefore works to the benefit of the local service companies going international. Trinidad s 100-year history in the energy sector is well respected. English speaking population where English is the official language of the Energy Sector worldwide.

19 CONCLUSION In the beginning in most cases we learnt the hard way and with time we have learned many lessons with each new location becoming easier due to a better understanding of international markets. Once the company is committed, has Visionary leadership, has the necessary resources, then it is the next logical step. Remember, going international is not for the faint hearted.

20 Can a Trinidad Oil Service Company go International? The answer is YES!

21 Thank you

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